If my ctc is 480000 then what would be the break up of this ctc and TDS amount And what should be thein hand salary? i am working with a infrastructure company.kindly help me with this...
From India, Mumbai
7From India, Mumbai
As per your question I've designed CTC break up, tax liablity and in-hand of the given ctc. This is a general view of salary and may change from orgn to orgn depending on perks and facilities given and basic/da given....
PLs chk hope it helped....
From India, Mumbai
PLs chk hope it helped....
From India, Mumbai
Thanks for the breakup. From my understanding, there is an error in the calculation, pleas ecorrect me if I am wrong.
The PF amount of Rs. 2592/- shown as deduction in line 16 is monthly deduction and not annual deduction as shown in the breakup. This may be a typo error. As such, there would be variation in the CTC and monthly breakup too. In the monthly breakup, the PF deduction would be Rs. 2592/- and not Rs. 216/- as shown in the calculation.
Thanks,
Ramana Murty G .V.
From India, Hyderabad
The PF amount of Rs. 2592/- shown as deduction in line 16 is monthly deduction and not annual deduction as shown in the breakup. This may be a typo error. As such, there would be variation in the CTC and monthly breakup too. In the monthly breakup, the PF deduction would be Rs. 2592/- and not Rs. 216/- as shown in the calculation.
Thanks,
Ramana Murty G .V.
From India, Hyderabad
Pls find the corrected calc for PF as discussed above Basic has underwent change coz of ur CTC being quoted as 4,80,000 Hope it helped
From India, Mumbai
From India, Mumbai
thanks for the breakup ankita.
but there are few things which i want to know.
1- my company only deduct TDS not pf
2- phone provided by the company so no phone bill.
3- no medical bills payable
and plz correct me if i am wrong, i heard that tds deduction is 10% approx.
but i really don't know this is apply for employee or vendor or on contract basis.
kindly suggest for the same.thanks
From India, Mumbai
but there are few things which i want to know.
1- my company only deduct TDS not pf
2- phone provided by the company so no phone bill.
3- no medical bills payable
and plz correct me if i am wrong, i heard that tds deduction is 10% approx.
but i really don't know this is apply for employee or vendor or on contract basis.
kindly suggest for the same.thanks
From India, Mumbai
In case of no phone bill allowance, you can add up that amount to other allowance.
Medical allowance: Every individual can avail a tax-free medical reimbursement of upto 15000 pa on pro rata basis. The same is to be paid in the salary - So if you get medical bills from your employee, you do not deduct tax in dat 1250/- pm else it attracts tax. No additional cost is to be given, it's just differentiated for tax benefit purpose for people who gets medicines of about 1000/- pm for his/her immediate dependants.
TDS - (Tax Deduction @ Source)
The Tax / TDS to be paid depends on your CTC and salary bracket. Here is the rate:
Upto 2,00,000 => Tax exemption
2 to 5 lacs => 10% +.33% education cess
5 to 8 lac => 20% + .33% education cess
8 lac above => 30% + .33% education cess
So for example you'r CTC is say 10 lac so you would be taxed as below
for 1st 2 lac => since it's exempted from tax => 0
2 to 5 lac => for this 3 lac tax @ 10.33% => 30990
5 to 8 lac => for this 3 lac tax @ 20.33% => 60990
above 8 lac => for last 2 lac tax @ 30.33% => 60660
Total Tax Liability => 1,52,640
TDS (Tax/12) =>12,720
From India, Mumbai
Medical allowance: Every individual can avail a tax-free medical reimbursement of upto 15000 pa on pro rata basis. The same is to be paid in the salary - So if you get medical bills from your employee, you do not deduct tax in dat 1250/- pm else it attracts tax. No additional cost is to be given, it's just differentiated for tax benefit purpose for people who gets medicines of about 1000/- pm for his/her immediate dependants.
TDS - (Tax Deduction @ Source)
The Tax / TDS to be paid depends on your CTC and salary bracket. Here is the rate:
Upto 2,00,000 => Tax exemption
2 to 5 lacs => 10% +.33% education cess
5 to 8 lac => 20% + .33% education cess
8 lac above => 30% + .33% education cess
So for example you'r CTC is say 10 lac so you would be taxed as below
for 1st 2 lac => since it's exempted from tax => 0
2 to 5 lac => for this 3 lac tax @ 10.33% => 30990
5 to 8 lac => for this 3 lac tax @ 20.33% => 60990
above 8 lac => for last 2 lac tax @ 30.33% => 60660
Total Tax Liability => 1,52,640
TDS (Tax/12) =>12,720
From India, Mumbai
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Monthly Salary Statement - CTC and TDS Calculator.xls